The five-times Olympic swimming champion Ian Thorpe looks set to make a return to competitive swimming with the intention of competing at the London 2012 Olympics. Thorpe's manager, David Flaskas, confirmed that the Australian would make an announcement about his "swimming future" tomorrow.

Rumours of a return to the pool for Thorpe have grown since the 28-year-old resumed swimming in recent months to recuperate from a shoulder injury. He must be reinstated on the international drug-testing register at least nine months before competing, meaning any decision on contesting in the London Olympics would need to be taken soon.

"He'll let everyone know tomorrow," Flaskas said. "Come along to the press conference and Ian can say what he wants to say."

Thorpe won 11 world titles and set 13 long-course records before announcing his retirement from swimming in November 2006 after 10 years on the Australian team, saying he had lost the desire to compete. He was just 24.

Nicknamed the "Thorpedo", the freestyler became one of the world's best-known swimmers, constantly raising the bar through technique and power.

Thorpe was dogged by doping allegations after a French newspaper published claims following his retirement that he had tested positive for testosterone and another performance-enhancing hormone. He was subsequently cleared by Australian authorities and the world swimming body Fina, but said he feared he would never be able fully to restore his reputation.

Thorpe bowed out of the sport after a lengthy battle with illness and injury and has made no secret of his disappointment that his career ended on such a low note. Once the centre of sponsorship deals worth millions, he has also struggled financially since retirement, according to local media, with the global financial crisis eroding his investments and businesses.

Thorpe's 400m freestyle world record of 3min 40.08sec, set at the Manchester 2002 Commonwealth Games, is still only 1/100th of a second behind the current record, which was achieved with a banned bodysuit at the 2009 world championships in Rome.

The Australia swimming team's head coach, Leigh Nugent, said getting Thorpe up to scratch for his pet 400m event in time for London "would be a big ask, but I wouldn't say he couldn't do it".

"You would think he would be able to become competitive again in the 200m, although he would have to approach it differently from the way he did in the past," Nugent said. "If he's going to have a crack he's going to have to do it quickly."

Thorpe would have to get on the drug-testing register by the end of May to be eligible for the 2012 London Olympic trials in March, and Flaskas said there was overwhelming public support for a comeback. "He's no doubt thought about it, but I think we've just got to bide our time and see what happens."